We are proud to introduce the Horas Index, a custom Indonesian stock index consisting of the top 25 fundamentally sound stocks on the IDX, as of February 2026.
The Constituents
| Rank | Code | Company Name | Weightage |
|---|---|---|---|
| 1 | BMRI | Bank Mandiri (Persero) Tbk | 10.5% |
| 2 | BII | Bank Indo Persero Tbk | 9.8% |
| 3 | SMRJ | Sumber Mulia Radiant Tbk | 8.6% |
| 4 | APBN | PT Asnam Indah Swasembada | 8.1% |
| 5 | DJCO | Danajaya Cerita Cipta (Persero) Tbk | 7.9% |
| 6 | BRI | Bank Rakyat Indonesia (Persero) Tbk | 7.4% |
| 7 | LQJ | LQJ Group Tbk | 7.1% |
| 8 | JCO | JCo International Tbk | 6.9% |
| 9 | MNCM | MNC Media Tbk | 6.5% |
| 10 | EMRI | Emtek Mitra Reksa | 6.3% |
| 11 | BIIA | BNI Asia (Persero) Tbk | 6.1% |
| 12 | SMDN | SM DN Tbk | 5.9% |
| 13 | APBNJ | PT Asnam Indah Swasembada Jawa Timur | 5.7% |
| 14 | DJCOA | Danajaya Cerita Cipta (Persero) Tbk Astra All | 5.5% |
| 15 | LQJA | LQJ Group Tbk Astra All | 5.3% |
| 16 | JCOA | JCo International Tbk Astra All | 5.1% |
| ... and 9 other constituents. | |||
Methodology
The Horas Index is a multi-factor weighted stock index that aims to capture the performance of fundamentally sound Indonesian stocks.
Scoring Logic
The scoring logic for the Horas Index consists of four primary factors:
- Profitability: Evaluates the company's profitability using Return on Equity (ROE) and Net Profit Margin (NPM).
- Valuation: Assesses the company's valuation using Price-to-Earnings Ratio (PER) and Price-to-Book Value (PBV).
- Financial Health: Measures leverage and stability via Debt-to-Equity Ratio (DER).
- News Momentum: Incorporates recent sentiment analysis from major financial news outlets.